{"id":10064,"date":"2023-01-29T18:04:12","date_gmt":"2023-01-29T18:04:12","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10064"},"modified":"2023-01-29T18:04:12","modified_gmt":"2023-01-29T18:04:12","slug":"bitcoin-eyes-25k-as-btc-price-nears-best-weekly-close-in-5-months","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10064","title":{"rendered":"Bitcoin eyes $25K as BTC price nears best weekly close in 5 months"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) spiked into key liquidity for a third time on Jan. 29 as the weekly and monthly closes loomed.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Trader on Bitcoin: $25,000 \u201cin sight\u201d<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD briefly hitting $24,498 on Bitstamp overnight.<\/p>\n<p>Although short-lived, the move marked the pair\u2019s third attempt to take sell-side liquidity above $23,400 in recent days.<\/p>\n<p>In each instance, bulls appeared to lack momentum to reclaim new support levels. At the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<p>Previous order book data from Binance uploaded to Twitter by monitoring resource Material Indicators demonstrated the firepower needed to neutralize bears.<\/p>\n<p>As of Jan. 27, resistance was stacked at $23,200, $24,500 and $25,000, with the latter nonetheless still on traders\u2019 radar as a potential next target.<\/p>\n<p>\u201c$25,000 target in sight,\u201d a confident Crypto Tony told Twitter followers in comments on the day.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/p>\n<p>Crypto Tony additionally expected a move higher on altcoins, with the overall crypto market cap set for a retest of resistance above the $1 trillion mark.<\/p>\n<p>\u201cI am still looking for a decent move up over the next few weeks, BUT Be cautious when we begin tapping the $1.2 &#8211; $1.33 trillion market cap resistance level. This is a significant level and I expect strong resistance here,\u201d he wrote on Jan. 28.<\/p>\n<p><em>Total crypto market cap annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/p>\n<p>Like others, however, Crypto Tony remained cautious on longer timeframes, keeping the door open for a new macro low to appear on Bitcoin and altcoins at some point in 2023.\u00a0<\/p>\n<p>Among them is fellow commentator Il Capo of Crypto, who, in an update on the day, avoided technical analysis to state that he remained \u201cshort and strong\u201d BTC.<\/p>\n<p>\u201cInteresting week ahead,\u201d he added.<\/p>\n<h2>Best January in a decade?<\/h2>\n<p>At current prices, BTC\/USD looked set to close the week at its highest levels since mid-August 2022.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin \u2018so bullish\u2019 at $23K as analyst reveals new BTC price metrics<\/em><\/strong><\/p>\n<p>With the ramifications of the FTX meltdown absent from the charts, January gains stood at 39.8% at the time of writing, Bitcoin\u2019s most profitable January since 2013.<\/p>\n<p><em>Bitcoin monthly returns data (screenshot). Source: Coinglass<\/em><\/p>\n<p>In addition to the monthly close, the coming week will see new potential macroeconomic triggers from the United States as the Federal Reserve decides on its latest interest rate hike.<\/p>\n<p>This and more will feature in the forthcoming edition of the Cointelegraph Markets newsletter, released Jan. 30. Sign up to receive it free below.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-eyes-25k-as-btc-price-nears-best-weekly-close-in-5-months\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) spiked into key liquidity for a third time on Jan. 29 as the weekly and monthly closes loomed. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader on Bitcoin: $25,000 \u201cin sight\u201d Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD briefly hitting $24,498 on Bitstamp overnight. Although short-lived, the move marked the pair\u2019s third [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10064"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10064\/revisions"}],"predecessor-version":[{"id":10066,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10064\/revisions\/10066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10065"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}